Correlation Between Dezhan HealthCare and Queclink Wireless
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By analyzing existing cross correlation between Dezhan HealthCare Co and Queclink Wireless Solutions, you can compare the effects of market volatilities on Dezhan HealthCare and Queclink Wireless and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Dezhan HealthCare with a short position of Queclink Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and Queclink Wireless.
Diversification Opportunities for Dezhan HealthCare and Queclink Wireless
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Dezhan and Queclink is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and Queclink Wireless Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Queclink Wireless and Dezhan HealthCare is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Dezhan HealthCare Co are associated (or correlated) with Queclink Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Queclink Wireless has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and Queclink Wireless go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and Queclink Wireless
Assuming the 90 days trading horizon Dezhan HealthCare Co is expected to under-perform the Queclink Wireless. But the stock apears to be less risky and, when comparing its historical volatility, Dezhan HealthCare Co is 1.09 times less risky than Queclink Wireless. The stock trades about -0.5 of its potential returns per unit of risk. The Queclink Wireless Solutions is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 1,502 in Queclink Wireless Solutions on October 17, 2024 and sell it today you would lose (101.00) from holding Queclink Wireless Solutions or give up 6.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dezhan HealthCare Co vs. Queclink Wireless Solutions
Performance |
| Timeline |
| Dezhan HealthCare |
| Queclink Wireless |
Dezhan HealthCare and Queclink Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and Queclink Wireless
The main advantage of trading using opposite Dezhan HealthCare and Queclink Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, Queclink Wireless can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Queclink Wireless will offset losses from the drop in Queclink Wireless' long position.| Dezhan HealthCare vs. Zhejiang JIULI Hi tech | Dezhan HealthCare vs. Fujian Newland Computer | Dezhan HealthCare vs. Tianjin Hi Tech Development | Dezhan HealthCare vs. State Grid InformationCommunication |
| Queclink Wireless vs. Anhui Huaren Health | Queclink Wireless vs. Shenzhen AV Display Co | Queclink Wireless vs. Impulse Qingdao Health | Queclink Wireless vs. Dezhan HealthCare Co |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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